In the latest hours, the U.S. and China announced a significant de-escalation in their trade war following talks in Geneva. The U.S. reduced its tariffs on Chinese goods from 145% to 30%, while China lowered its retaliatory tariffs on U.S. goods from 125% to 10% for a 90-day period. Treasury Secretary Scott Bessent hailed the talks as productive, noting "substantial progress" toward reducing the U.S. trade deficit, with details to be released today. Chinese Vice Premier He Lifeng called the agreement an "important consensus," and both sides established a new economic dialogue forum. This move has calmed global markets, with optimism for further negotiations to ease trade tensions.